社会服务行业跟踪报告：上半年社服利润高增，盈利能力持续提升

Investment Rating - The report maintains an "Outperform" rating for the social services industry as of September 4, 2024 [1]. Core Insights - The social services sector experienced significant profit growth in the first half of 2024, with total revenue increasing by 9.70% year-on-year, ranking 6th among Shenwan's primary industries. The net profit attributable to shareholders rose by 89.08%, ranking 2nd among the same industries [6][33]. - The tourism and scenic spots sector saw a revenue increase of 28.47% and a net profit increase of 13.04% in the first half of 2024, driven by recovering demand and supportive policies [33]. - The hotel and catering sector reported a revenue growth of 2.60% and a net profit growth of 44.95%, indicating a recovery in offline leisure and business demand [33]. Summary by Sections 1. Social Services Industry Performance - The social services sector's total revenue reached 682.91 billion yuan, with a year-on-year growth of 9.70% and a net profit of 41.57 billion yuan, reflecting a year-on-year increase of 89.08% [6][33]. - The sector's return on equity (ROE) improved to 2.65%, with a gross margin of 29.37% and a net margin of 6.75% [8][12]. 2. Subsector Performance 2.1 Tourism and Scenic Spots - The tourism and scenic spots sector achieved a revenue of 155.50 billion yuan, up 28.47% year-on-year, and a net profit of 11.46 billion yuan, up 13.04% [14][15]. - Key players like Zhongxin Tourism and Songcheng Performance showed significant revenue growth, while others like Qujiang Cultural Tourism faced substantial profit declines [14]. 2.2 Hotel and Catering - The hotel and catering sector generated 147.93 billion yuan in revenue, a 2.60% increase, and a net profit of 11.22 billion yuan, a 44.95% increase [16][19]. - Major hotel chains like Jinjiang Hotels and Shoulu Hotels reported profit recoveries, while the sector's gross margin was 33.76% [19]. 2.3 Professional Services - The professional services sector recorded a revenue of 302.51 billion yuan, an 8.57% increase, but the net profit fell by 23.34% to 16.27 billion yuan [20][21]. - The sector's gross margin was 23.22%, indicating a decline in profitability despite revenue growth [20]. 2.4 Education - The education sector's revenue was 63.81 billion yuan, a 5.41% decrease, with a net profit of 2.47 billion yuan, up 3.62% [24][25]. - The sector is undergoing adjustments, with some leading companies reducing losses while others continue to decline [24]. 2.5 Sports - The sports sector showed improvement, with Zhongti Industry's revenue growing by 78.41% and net profit increasing by 146.36% [28][29]. 2.6 Duty-Free - The duty-free sector faced a decline, with China Duty-Free's revenue down 12.81% and net profit down 15.07% [30][31]. - New policies are expected to boost the sector's performance in the future [30]. 3. Investment Recommendations - The report suggests focusing on companies benefiting from the recovery in inbound tourism and new policies in the duty-free sector, as well as those excelling in brand development and operational efficiency in the tourism destination market [33].